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IPST

Heritage Distilling Holding Company, Inc.

IPST

Heritage Distilling Holding Company, Inc. • NASDAQ
$6.26 ▼ -1.42% (-0.09)
Market Cap $57.43 M
52w High $69.00
52w Low $5.15
Dividend Yield 0%
P/E 0.01
Volume 7.77K
Outstanding Shares 9.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.989M ▲ $2.758M ▼ $196.264M ▲ 6.566K% ▲ $16.97 ▲ $246.554M ▲
Q2-2025 $1.322M ▲ $6.876M ▲ $-7.295M ▼ -551.896% ▼ $-15.4 ▼ $-6.318M ▼
Q1-2025 $1.092M ▼ $2.723M ▼ $-3.033M ▲ -277.756% ▼ $-6.8 ▼ $-2.118M ▲
Q4-2024 $3.093M ▲ $8.654M ▲ $-4.716M ▼ -152.492% ▲ $0 ▲ $-3.634M ▼
Q3-2024 $1.761M $2.71M $-3.433M -194.894% $-14 $-2.335M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.675M ▲ $482.778M ▲ $62.346M ▲ $420.432M ▲
Q2-2025 $185.953K ▲ $26.538M ▼ $29.425M ▲ $-2.887M ▼
Q1-2025 $99.542K ▼ $27.064M ▼ $27.392M ▲ $-328.976K ▼
Q4-2024 $453.162K ▲ $28M ▼ $27.208M ▼ $791.767K ▲
Q3-2024 $31.845K $31.087M $65.076M $-33.989M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $196.264M ▲ $-4.277M ▼ $-21.002M ▼ $26.768M ▲ $1.489M ▲ $-4.324M ▼
Q2-2025 $-7.295M ▼ $-1.513M ▲ $-10.034K ▼ $1.61M ▼ $86.411K ▲ $-1.524M ▲
Q1-2025 $-3.033M ▲ $-2.031M ▲ $65.34K ▲ $1.612M ▼ $-353.62K ▼ $-2.049M ▲
Q4-2024 $-4.716M ▼ $-4.988M ▼ $-74.296K ▼ $5.483M ▲ $421.317K ▲ $-5.062M ▼
Q3-2024 $-3.433M $-845.274K $259.875K $465.631K $-119.768K $-585.399K

Five-Year Company Overview

Income Statement

Income Statement Revenue has been very small and fairly flat over the last several years, with the business not yet showing meaningful scale. The company has been operating at a loss, though the size of those losses appears to be narrowing and profitability metrics are moving in a better direction recently. That said, the earnings record is still thin and volatile, and the large swings in per‑share results suggest a lot of financial restructuring and a still‑developing business model rather than a mature, steady operation.

Balance Sheet

Balance Sheet The balance sheet is light, with only a modest base of assets and very limited cash reported. Debt has been meaningful relative to the size of the company, although it looks like leverage has been reduced somewhat more recently. Equity moved from negative to roughly break‑even territory, which is an improvement but still signals a fragile financial foundation. Overall, the company does not yet have a deep cushion to absorb setbacks and likely remains sensitive to funding conditions and execution risks.

Cash Flow

Cash Flow Cash flow from the core business has been consistently negative, and free cash flow has followed the same pattern. The company has not been investing heavily in physical assets, which fits the move toward an asset‑light model, but it also means the business has depended on outside capital to cover ongoing cash needs. Until operating cash flow turns clearly positive, the company’s ability to fund growth and innovation will continue to hinge on external financing and careful cost control.

Competitive Edge

Competitive Edge Within the alcoholic beverages space, this is a very small player competing against large, well‑funded global brands and a crowded field of craft producers. Its strengths lie in a recognized craft brand with industry awards, unique partnerships with Native American tribes that create distinctive distribution channels, and a strong focus on direct‑to‑consumer engagement. However, its small scale, limited financial resources, and ongoing strategic transition mean its competitive position is still evolving and not yet firmly entrenched. Execution on partnerships and brand building will be critical to standing out and sustaining any advantage.

Innovation and R&D

Innovation and R&D The company is leaning heavily on innovation as a differentiator, especially around cryptocurrency and blockchain. It is experimenting with crypto‑themed products, digital asset payments, token‑linked loyalty programs, and even holding a digital token as part of its treasury approach. It is also reshaping its business to be asset‑light, relying more on partnerships and third‑party production while focusing on brand, digital engagement, and unique experiences like custom barrel programs. These moves are imaginative and give it a “first‑mover” feel in a niche space, but they also come with high uncertainty, as both the crypto ecosystem and this business model are still unproven at scale in spirits.

Summary

Heritage Distilling (IPST) is an early‑stage, craft spirits company in transition, combining a traditional premium spirits brand with a bold push into crypto and digital assets. Financially, it remains small, with a history of operating losses, a thin balance sheet, and ongoing negative cash flow, though there are signs of gradual improvement. Strategically, it is pivoting toward an asset‑light, partnership‑driven model and betting on blockchain‑enabled customer engagement and tribal distribution partnerships to create a moat. The overall story is one of high innovation and high execution risk: the upside depends on successfully scaling these novel strategies while stabilizing the underlying economics of the business.

NEWS

November 24, 2025 · 8:00 AM UTC

IP Strategy Announces Availability of Investor Day 2025 Materials

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November 20, 2025 · 8:00 AM UTC

IP Strategy Regains Compliance with Nasdaq Minimum Bid Price Requirement

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November 18, 2025 · 2:52 PM UTC

IP Strategy Announces Strategic Purchase of Aria Ecosystem Tokens ($ARIAIP and $APL)

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November 18, 2025 · 10:27 AM UTC

IP Strategy Reports Third Quarter Financial Results

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November 11, 2025 · 9:00 AM UTC

Crypto.com Partners with IP Strategy to Support Digital Asset Treasury Strategy

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